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    603 N Prospect Street Cambridge, IL 61238

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    Claim this Listing
    For Sale
    $1,999,999

    MULTI_FAMILY - Cambridge, IL

    Lot size:
    1.06 Acres
    Added:
    Jun 16, 2025
    Days on Market:
    314
    Last Refresh:
    Apr 25 at 3:06 pm

    Property Features for 603 N Prospect Street

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Zoning
    MULTI
    Bedrooms
    18
    Bathrooms
    40
    Rooms
    Bedroom 13, Bathroom 21, Bedroom 16, Bedroom 17, Bathroom 31, Bathroom 37, Bedroom 9, Bathroom 2, Bathroom 16, Bathroom 7, Bathroom 40, Bathroom 32, Bathroom 13, Bathroom 30, Bathroom 38, Bedroom 4, Bathroom 34, Bedroom 11, Bathroom 12, Bathroom 27, Bathroom 24, Bedroom 18, Bathroom 19, Bathroom 28, Bathroom 25, Bedroom 5, Bedroom 3, Bedroom 7, Bathroom 20, Bathroom 29, Bedroom 8, Bedroom 12, Bathroom 26, Bathroom 1, Bathroom 11, Bathroom 17, Bathroom 10, Bedroom 10, Bathroom 4, Bathroom 39, Bedroom 14, Bathroom 14, Bathroom 6, Bathroom 15, Bedroom 6, Bathroom 22, Bathroom 36, Bathroom 5, Bathroom 23, Bathroom 3, Bathroom 8, Bathroom 18, Bathroom 33, Bedroom 15, Bedroom 2, Bedroom 1, Bathroom 9, Bathroom 35
    Standard status
    Active
    APN
    1807202012
    Lot size
    1.06 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Annual Amount
    11505

    Building Details

    Floors in Building
    1
    Number of units
    40
    Building materials
    Vinyl Siding
    Roof type
    Composition

    We can help!

    Listing Contact
    Lori Bonarek

    Listing agent Lori Bonarek License #475124600

    Listing office Lori Bonarek Realty 640 S Broadway, Coal City, IL

    Listing date Jun 16, 2025

    MLS# 12393172 Listing URL

    Copyright © 2026 Midwest Real Estate Data, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Turnkey Multi-Family Investment Opportunity

    This listing features an investment opportunity consisting of two multi-family properties located at 603 N. Prospect Street, Cambridge and 503 10th Avenue, Orion. The properties offer a total of 41 residential units, including 24 studio apartments, ten one-bedroom units, four handicap-accessible one-bedroom units, and two two-bedroom units. Both buildings operate under HUD housing requirements, serving residents who are 62 years of age or older or individuals with qualifying disabilities. The properties are well-maintained and provide amenities such as a community room and coin-operated laundry facilities. These buildings represent a turnkey portfolio with income potential in the affordable housing sector. The lot size is 1.06 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Restaurant Law Firm Spa & Massage Center Dental Office Auto Repair Shop Pharmacy Big Box & Wholesale Store Hotel & Motel Auto Parts Store Department Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Cambridge
    County
    Henry
    State
    Illinois
    Longitude
    -90.192714
    Latitude
    41.308864

    FAQs

    What type of property is this?
    Apartment building - Two multi-family properties with 41 units, strong occupancy history.
    Where is this apartment building located?
    The property is located at 603 N Prospect Street Cambridge, IL.
    What is the asking price?
    The asking price for this property is $1,999,999.
    What are key features of this property?
    This property features: Turnkey portfolio of two multi‑family properties with 41 residential units.; Consistent rental income and strong history of occupancy.; Operates under HUD housing requirements, serving a specific demographic (62+ or individuals with disabilities).
    (815) 518-2300
    We can help!
    Listing Contact
    Lori Bonarek
    Real Estate License ID: 475124600
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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